USD/CHF Technical Analysis: Probing Above 0.97 Figure
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- USD/CHF Technical Strategy: Flat
- Support:0.9641, 0.9572, 0.9524
- Resistance: 0.9712, 0.9770, 0.9829
The US Dollar continues to build upward against the Swiss Franc, with prices hitting the highest level in three months. A daily close above the 38.2% Fibonacci expansionat 0.9712 exposes the 50% level at 0.9770. Alternatively, a move back below the 23.6% Fib at 0.9641 clears the way for a test of trend line support at 0.9572.
Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.
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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com